International Policy Digest

Sponsored Content /06 Jun 2018

Artificial Intelligence Backing the Business World

Humans have the tendency to glorify the existence of things that have more power than themselves. In the past, the object of our worship was a fictional supernatural being – God or even a great number of gods that had power over our lives. Today in the 21st century, we praise machines and automation. The fascination we have with robots and artificial intelligence is slowly becoming an obsession. Some even call it a new religion.

Obsessive research and improvement are the reasons why we’ve managed to achieve that much in the field in such a short period of time. Believe it or not, all of this is for the greater good of humanity. There is no doubt, technological advancements in AI will affect the business world positively in the end. Chabot, business website builder, crawler, voice recognition and many others are just the tip of the iceberg. The development of AI in the coming years will be more serious and will affect the core of businesses.

The term artificial intelligence was first mentioned by a math professor at Dartmouth, John McCarthy. Since then, the idea and the technology behind the AI are experiencing rapid growth and development. We’ve managed to expand AI to areas like perception and cognition. Practical advances were made in relation to speech. For instance, voice recognition is used by millions of smartphone owners around the globe.

It all started when Apple introduced Siri to the world. Now we have Alexa, Bixby and Google Assistant performing more sophisticated tasks than Siri. In the last decade, we’ve managed to achieve three times faster voice recognition with less errors. Now, you can literally talk to your gadgets and get a simple yet quite logical conversation.

The other major improvement is cognitive functions. Nowadays, machines are excellent problem solvers and can execute tasks far more efficiently than humans can. Machine learning systems are replacing older algorithms by performing tasks that were impossible in the past. Eventually, ML will completely revolutionize the business world and the markets. What will happen in the future is the emergence of new business models that will use ML to perform the core functions.

Even though AI advancements are amazing, it seems like the world is not ready to fully accept the fact that certain jobs can be automated completely. Today, we are still in the process of adopting the new and revolutionary idea of AI. Step one was the voice recognition, then businesses started using chatbots on their website but this is as far as we have gone at the moment, excluding huge corporations like Google from the slow adaptation process.

However, just to create a website for a company and claim that you are following the new AI trends is wrong. ML systems and AI even today have many smart solutions that you can use and implement in your business. You can easily find a cheap website builder for a business and be present in the online world in just a few hours. The bigger challenge is prosperity. Are you open to fresh and new ideas?

According to Boston Consulting Group & MIT Sloan Management Review, not many companies are ready for new things today. Only 18 percent of the companies have implemented some sort of AI solutions, five percent are extensively using AI in their processes while 54 percent of the companies have not adopted any solution at all.

There is a high percentage of business owners that are still stuck in the old-fashioned ways of doing business. Although it is really hard to predict which companies will rule the new environment, one thing is certain: only the companies that are ready to accept change and have executives that are willing to try new things will be successful.

Final thoughts.

Opportunities are everywhere. All you need to do is recognize the right benefit for your business and take full advantage of the AI world. The best strategy is to be open to new experiences and be always willing to learn. New ways will completely revolutionize your business and slowly but surely you will witness fantastic growth and prosperity. AI and ML are definitely the most secure roads to success in the market. If you take the road less traveled, that will make all the difference.

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